Nifty IT index is ready for a bounce of an X wave followed by completing of A,B & C , Patten and Move towards complex correction .
Bounce of minimum . Green to yellow line ( as mentioned above picture Fibonacci retrcment) .max to max bounce of 37100.
Make long position in IT index as per SL of 27700
Risk 2.20% on down side
Reward 15.73% on up side (positionly...
Last week we sight the evening star, follow up with a downward rally, and now the price is below 17300 which is the Poc level, next support is at 16850.
Looking at the global cues, the majority of indexes have closed red, it is suspicious to hold the 16850 level. If this happens we could see a rally towards 16200
In the broader view the NIFTY is making a Head and Shoulder, Right shoulder is under construction.
It also seems the nifty has completed the A wave and we will go for B wave and the targets may be
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NSE:GRANULES working inside a corrective pattern and seems to have more downside left.
Well, Path 1 in the chart drawn is highly probable if buying demand at the level is very high but we can not undermine Path 2 which might be alternate path but less probable.
Which one would you choose?
Suggested at the Tops from 85 (Selling strictly below 85) as per last stock idea- Stock got punctured in impulsive manner to lows at 34.
What Next ?
Strictly - crossing 40 & holding above this level - traders can expect 45 / 50 / 55 & Above 55 - 60/65.
Last Idea Published - 24th Feb 2020
the possible triangle and rectangle are shown....there are good chances that the corrective will be over in the coming week and this will give a trending move, as far as the direction of move is concerned , the best practice is to wait for price acceptance outside the boundary of corrective , and than initiate trade .
The simplest Elliot wave count & its potential corrective waves are shown in the above Nifty chart. The corrective waves(abc) just started, so it may or may not happen, we will findout soon what Nifty thinks. Before going into today;s analysis,
Yesterday's Cypher was still valid, it neither hit My stops or Targets. So what we can expect today ?
(i) There is...